AG 1998 08 17 - Laserfiche WebLink

Home Browse Search

ADDENDUM COMMERCIAL/RETAIl. DEVELOPMENT INCENTIVE GRANT PROGRAM HOTEL/CONFERENCE CENTER DEVELOP~VIENTS I. OVERVIEW Cabarrus County and the City of Concord have lagged behind Charlotte and Mecklenburg County in the development of hotel/conference facilities and in local per capita accommodations tax and sales tax revenues. Part of that pattern can be attributed to the development of hotel/conference facilities and associated development in the center of the metro region, but not in surrounding counties and cities. Construction of the 1-485 outerbelt augmenting other major highways in the rapidly growing re~onal corridor that includes Concord and Cabarrus County now makes hotel/conference center development feasible outside the metro center. Such development is a stimulus for additional supportive commercial, office and retail businesses. It is common knowledge that hotel/conference facilities are a resource for local and regional businesses. Such developments are the basis for entering the meetin~conference market as an expansion of local economic development and tax base. Further, it is corrunon 'knowledge locally that facilities are unavailable within Cabarrus County for large business meetings, charitable events and other public gatherings. The feasibility and basic attributes of a civic/convention center have been established through the study conducted for the City of Concord. Much of the demand for such facilities is being absorbed by development in Charlotte and Mecklenburg County. Therefore, it is the intention of the Concord City Council and the Cabarrus County Board of Commissioners to establish a policy that will encourage hotel/conference facility developers to consider sites within Cabarms County and the City of Concord for future projects. II. PROGRAM PARAMETERS The Hotel/Conference Center Development Addendum to the Commercial/Retail Development Incentive Grant Program involves a contractual agreement between the City, and/or (~ounty, and a new, or existing business enterprise. The contractual agreement will provide for a financial incentive grant based upon the level of room revenues and retail sales generated within the project for a period of up to five full years. The City, and/or County, will agree to provide a financial inducement to the developer of hotel/conference projects that meet the criteria established within the guidelines of the addendum to the C/RDI Grant Program. Each project will be dealt with on an individual basis using guidelines established under the direction of the City Council and the Board of Commissioners. The guidelines for the program wili be subject to periodic review. Changing economic conditions may cause the City and the County to modify, amend or even terminate the program subject to compliance with any hotel/conference development incentive grants in effect at that time. · · Items for consideration in authorizing a hotel/conference center development incentive grant may include but not be limited to: · the size of the project based upon investment in site development, facilities and infrastructure;